Existing Home Sales Lowest Since November

Washington, DC, June 21, 2011 -- Resales of single-family homes and condos fell 3.8% in May to a seasonally adjusted annual rate of 4.81 million, the National Association of Realtors said.

This is the lowest level since November but the decline was in line with forecasts. Economists expected sales to fall to 4.80 million units in May, based on a 12% decrease in pending home sales in April.

Existing home sales fell a revised 1.8% in April to 5.0 million units, down from the initial estimate of a 0.8% fall to 5.05 million units.

The median price of homes sold was down 4.6% in May from last year at $166,500. Inventories of existing homes for sale fell 1.0% to 3.72 million units in May, representing a 9.3 months' supply, up from 9.0 months in April.